TT sues Refco for patent infringement

Wouldn't it be interesting if Refco's response was to say "No thanks we don't want the extension."
:eek:

 

Not clear to me if the "extension" is for retail and prop traders.

 

TT sues Refco for patent infringement

By Jeremy Grant in Scottsdale, Arizona

Published: February 25 2005 02:16 | Last updated: February 25 2005 02:16

Trading Technologies (TT), a leading provider of derivatives trading software, on Thursday signalled the start of hostilities with the futures industry by suing broker Refco, alleging infringement of a patent for TT's most popular trading software. The development will send a chill through the industry because it is the first sign that TT is prepared to take legal action against the largest players in the derivatives industry as it seeks to levy a special fee on futures exchanges.

(...)

http://news.ft.com/cms/s/82e93a14-86ca-11d9-8075-00000e2511c8.html

www.tradingtechnologies.com/news-releases.asp

 

TT, Refco Request November 2006 Trial

by Laurence Davison

Trading Technologies (TT) and Refco Group have jointly
requested a schedule for the patent infringement case
between the two, culminating in a trial in November 2006, in a
document filed with Northern Illinois District Court. The
document estimates that the trial would have a duration of one
to two weeks.

The proposed schedule submitted by the two firms also sets a
deadline of 5 October this year for Refco to disclose the prior
art it intends to rely on to prove invalidity of TT’s patents. The
broker recently requested documentation of supposed prior
art from Osaka Securities Exchange and Tokyo Financial
Exchange (see FO Week Vol 10 No 14).

Meanwhile, in another court document, TT responded to
Refco’s complaint about the ISV’s threat to pull the plug on its
screens at Refco on 15 July. TT claimed that the contract
termination and its original patent infringement suit against the
broker were both legitimate.

In its court submission, TT said, “No matter how hard Refco
strains it has not – and cannot – transform those two lawful
acts into a recognised theory which would entitle Refco to any
legal relief.

“In a futile attempt to salvage its meritless counterclaims,
Refco mischaracterises TT… and tries to cast TT in an
unfavourable light for bringing legitimate patent enforcement
actions against infringers.”

The ISV also argued that its oft-repeated claim that over 50%
of the volume on the largest four futures exchanges is traded
through TT screens does not mean that the firm has a
monopoly position. It said that, despite that volume share, “far
less than 20%” of total trading screens in use were licensed or
sold by TT.

Drawing a comparison in its defence, TT’s filing said, “Just as
General Motors’ market share is based on the number of cars
it sells, not the number of miles driven by the purchasers, so
should TT’s market share not be measured based on volume
traded.”

FO Week recently revealed that the US Justice Department
had initiated an investigation into the possibility of TT having a
monopoly position (see FO Week Vol 10 No 25), a possibility
the ISV has strenuously denied.

A TT spokesperson confirmed to FO Week that the firm still
intended to pull the plug on Refco on 15 July.

( FO Week, July 18, 2005 )

 

Refco have now stopped using TT software as of tuesday....most of us are now trading on Refco Pro - let the fun commence!!!

 

my money is on refco winning

 

How does Refco Pro avoid TT's patent claims? In screen shots of RefcoPro they show a DOM/Ladder view.

What changes are necessary, in current DOM/ladder views (IB, Tradestation, et.al), to avoid TT's legal assault?

Thank you

 

ib will be next
yahoooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo!!!

 

Rolex49 - How are you getting on with Refco Pro?

 

I think it's ok. Needs speeding up but im sure that will happen soon. The only reason im doing my arse is this shitty summer market!!